USDA Home Loans Blog

The Buyer:

1)Giving incorrect or incomplete information on the application

2)Late payments on mortgage or rent

3)Loss of borrower or coborrower employment

4)Borrowers making large purchases on credit before closing

5)Lack proof of verifiable income

The Seller:

1)Loses motivation to sell/ cant find suitable replacement property

2)Will not allow appraisers or inspectors inside home in timely manner

3)Unable to clear liens on property

4)Misrepresents information about home

5)Isnt sole owner of subject property

The Realtor:

1)Unfamiliar with clients financial situation

2)Contract written incorrectly

3)Does not do sufficient homework on property

4)Takes time off during transaction

5)Will not show property due to bias against particular office

The Property:

1)Termite report reveals surprises

2)Damage to home before closing

3)uninsurable property due to zoning or damage

4)Encroachments on property

5)Easements/Access to property inproperly recorded

These are a few items from different people involved with the closing process that can go wrong. Good communication from start to finish can deter many of these problems. Make sure you do your homework on the people you choose for your mortgage needs. First Choice has 10 years of experience in mortgage lending to get you through the closing process as painless as possible.